Question

A person insured his Godown against fire having value of Rs.10 lakhs from 3 insurance companies for A- 2 lakhs ,from B-5 lakhs and form C- 3 lakhs. At the time of loss in Godown due to fire , Insurance companies paid the insured in the ratio of 2:5:3 . Which principle applies in this example ? Explain

Answer 1

Answer:

2:5:3..................................,.,

Answer 2

Answer:

principle of contribution.

Explanation:

It refers to the corollary of the principle of indemnity . It's apply when the insured takes more than one insurance policy for the same subject matter.